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By Michelle Celarier

The financial crisis of 2008 cast a long shadow over hedge
funds. Even though performance has bounced back this
year—in some strategies dramatically so—the
industry remains in the midst of a profound transformation.

Two surveys in this inaugural issue of AR, the magazine
created by the combination of Absolute Return and Alpha, speak
to the changes: the first AR Hedge Fund Report Card and the
semiannual Absolute Return Billion Dollar Club.

The Billion Dollar Club, a ranking of every American hedge
fund with more than $1 billion in assets, confirms that the
total number of such firms and the assets they manage is lower
still...